h into a Stock mutual fund that d yearly over 25 years. utual fund after the 25 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Question 7
3 pts
Suppose you invest $100 a month into a Stock mutual fund that
gains (on average) 8.3% compound yearly over 25 years.
How much will you have in the mutual fund after the 25 years?
round to the nearest dollar
Hint: you are placing 100 additional in each month, but its compounded
yearly.
Transcribed Image Text:Question 7 3 pts Suppose you invest $100 a month into a Stock mutual fund that gains (on average) 8.3% compound yearly over 25 years. How much will you have in the mutual fund after the 25 years? round to the nearest dollar Hint: you are placing 100 additional in each month, but its compounded yearly.
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